Crypto analyst Ali Martinez has warned traders that Dogecoin (DOGE)’s rival could be subject to a correction.
Solana-based (SOL) memecoin Bonk (BONK) is trading at $0.000012 at the time of writing, a whopping 6,022% increase from its price at the start of 2023.
Martinez says 35,100 followers on social media platform
The TD Sequential Indicator is used by traders to predict potential trend reversals based on the closing prices of the previous 13 bars or candles.
But Martinez points out that the indicator is now blinking in the opposite direction.
“Now the same indicator is showing a sell signal. This suggests that BONK may enter a correction period lasting 1-4 weeks.”
Analysts too note Ethereum (ETH)’s TD Sequential indicator is also flashing a sell signal on the asset’s 3-day chart.
“If this signal is confirmed, it could create a prime buying opportunity with ETH potentially heading back to $2,150. “This could be a key moment before a potential bounce towards $3,500.”
As of this writing, ETH is trading at $2,235.
Additionally, Martinez warn BNB (BNB), the native utility token of decentralized finance (DeFi) platform Binance Smart Chain, is forming a descending triangle on the weekly chart. Descending triangles are generally considered a bearish continuation pattern.
The merchant said,
“Watch for a close above $260 to confirm a bullish BNB breakout. Until then, it would be wise to remain calm!”
BNB is trading at $249 at the time of this writing.
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